X Company is preparing its closing entries for 2020, following accounts at the end of 2020: Service Revenue $200,000 Operating Expenses $160,000 Dividends $10,000 and Retained Earnings $15,000, what is the closing entry of Operating Expenses? 16 Os Credited Income Summary by S160,000 b. Debited Operating Expenses by $160,000. Occredited Operating Expenses by 5160.000 Od. Credited Retained Earnings by $160,000, Finis X Company sold merchandise to customer by $20500 term 2/10, net 30,the cost of goods sold (CGS) is 515000, after 3 days they granted customer S500 for sales returns has a cost $300, what is the entry of cash collection from A/R using perpetual system if cash was received during discount period (10 days)? C. Debit Cash $20090, Deble Sales Discount $410 and Credit A/R$20500. b. Debit Cash 519600, Debit Sales Discount $400 and Credit A/R 520000 O Debit Cash 519600, Debit Inventory s400 and Credit A/R $20000, Od Debit Cash S20090, Debit inventory 5410 and Credit A/R 520500